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Revolution Precrafted expands in Bahrain

REVOLUTION Precrafted Properties, Ltd. continues its global expansion in Bahrain, after striking a deal to supply residential villas for the country’s Property One Investment Company (Property 1).
In a statement issued Thursday, the property technology firm said it has signed an agreement with Property 1 where it will design and supply up to 500 modular residential villas for Property 1 and its clients over the next five years. The 200-square meter (sq.m.) villas will have four bedrooms each, valued from $320,000 and up.
The company will also design and supply modular residential villas, specifically for the Middle East, using precast and prefab technology. The villas will then be supplied to different housing developments in the country.
Revolution Precrafted expects to finalize the design and begin supplying the villas to clients by 2019.
Revolution Precrafted Founder and Chief Executive Officer Jose Roberto R. Antonio said this partnership in Bahrain will further strengthen its presence in the Gulf Cooperation Council region.
“Bahrain is an important part of this expansion because of its strategic location and its very strong economy. We are also very excited to partner with Property 1 because of its management’s track record and experience in the real estate industry,” Mr. Antonio was quoted as saying in a statement.
Revolution Precrafted described Property 1 as a property services group founded in Bahrain in 2008. The company said Property 1’s Founder and Managing Director Murad Al Ramadan told them to design a modular home that is eco-friendly and energy efficient by using solar panels to save energy costs. The units must also be economically affordable that can sustain the weather conditions in the Middle East.
Aside from the Philippines, the company has signed deals within the last six months that has allowed it to enter the United Arab Emirates, Myanmar, Japan, Indonesia, Ecuador, Puerto Rico, Guyana, Jamaica, and Trinidad and Tobago.
These deals amount to more than $7.5 billion worth of contracts, the largest of which is the $3.2-billion project with Seven Tides International for The World Islands in Dubai, followed by the $1.2-billion Okkyin project with Myanmar’s KT group.
The company’s local projects are with Century Limitless Corp., where it will supply prefabricated structures for the $1.1-billion Batulao Artscapes in Nasugbu, Batangas, and the $750-million Revolution Flavorscapes in Mexico, Pampanga.
Given its fast-paced expansion, the company earlier revealed it is mulling plans to go public either in Singapore, the United States, or United Kingdom. Revolution Precrafted also looks to construct a factory within Asia this year, as part of its plan to have six manufacturing facilities in regions where it is present. — Arra B. Francia

CitySavings’ bid for PR Savings gets green light

THE BANGKO SENTRAL ng Pilipinas has approved the plan of UnionBank of the Philippines’ savings lending arm to acquire Philippine Resources Savings Bank Corp. (PR Savings) of the Ropali Group.
The Aboitiz-led lender said in a regulatory filing on Thursday that the acquisition of 100% common shares in PR Savings by UnionBank’s subsidiary CitySavings Bank was approved by the BSP.
In a letter sent on June 20, the central bank also authorized in principle the merger between PR Savings and CitySavings, with the latter as the surviving entity.
“The acquisition is in line with the company’s goal to expand its mass market reach consistent with its vision to promote inclusive growth in the country,” UnionBank said in the disclosure.
In a previous statement, the listed bank said the acquisition will enable City Savings to “substantially expand” its reach in Luzon as well as enter new markets such as motorcycles and agri-financing.
In January, UnionBank’s savings lender said it has signed a share purchase agreement with the Ropali Group to fully acquire PR Savings.
The lender is focused on motorcycle, agri-machinery and teachers’ salary loans, serving over 131,000 borrowers, mostly from the mass market segments.
PR Savings Bank was the 15th largest thrift bank in the country in asset terms as of end-2017 with P13.02 billion. The Isabela-based bank, which started its operations in 1977 as Rural Bank of Naguilian (Isabela), Inc., operates 46 branches and 56 other banking offices.
PR Savings is part of the Ropali Group of Companies, a mid-sized conglomerate with focus on motorcycles and agricultural machinery.
UnionBank shares dropped 10 centavos or 0.11% to close at P88.60 apiece. — Karl Angelo N. Vidal

Home is where the harm is

By Noel Vera
Movie Review
Hereditary
Directed by Ari Aster

THE TRUE HORROR in Ari Aster’s Hereditary doesn’t come so much from demoniac forces as they do from human frailty and the cruel chaotic confusion of life.
Annie (Toni Collette) and Steve (Gabriel Byrne) Graham are parents of two kids: the uncommunicative Charlie (Milly Shapiro) — who seems to demonstrate symptoms on the farther end of the autistic spectrum — and Peter (Alex Wolff), a pothead slacker. Annie’s mother Ellen has just died and the family is attempting to deal with the burden of her passing. Not just a matter of mourning — as Annie reveals before a support group, mother and daughter have had a love-hate relationship bordering on predatory, not to mention a family history full of depression, schizophrenia, suicide.
And you get that; you can relate. Unhappy relationships between mother and child? Family history looming over your head like some kind of genetically ordained storm cloud? Aster creates such vivid characters the actors presumably realized what they had in their hands and pitched in their own support (Byrne and Collette act as producers). They give it their all, Collette with every twisted grimace, every barely controlled tremulous hiss, Byrne with a stolidity that grows increasingly fragile as the film progresses.
Aster’s script pulls off a few clever tricks: Annie’s family history can be an unwieldy piece of exposition but having it all come out in a flood during group therapy is a great way to convey the unlikely horror show quality of her story, not to mention the added bonus of watching Collette’s face warp and shudder with each revelation, as if she were pulling out her large intestine from a hole in her side, her face registering each hard yank.
In contrast, Shapiro’s Charlie is a chillingly blankfaced kabuki mask. She’s impassive when people are being mean to her, impassive when watching her grandmother being lowered into the earth; you wonder what if anything can get her to respond. Has an odd cluck! she makes deep down her throat that I suspect will be remembered as one of the creepiest sounds in recent horror films, alongside the gravelly gurgle in Takashi Shimizu’s The Grudge. Has a predilection for chocolate — but not with peanuts; that would be bad.
Then the horrifying accident — a tad unlikely, but so brilliantly staged and timed you’re at the edge of your seat waiting for the shoe to drop, the sky to fall, the ball to be literally knocked out of the park. And nice little touch: slacker Peter is so overwhelmed by what has happened he steps out of the car, walks zombielike up the front steps of the house, climbs quietly into bed. Where he waits — wide-eyed, unmoving — for dawn. Ever done something so enormously, unbelievably awful you can’t bring yourself to tell anyone else? Exactly.
We’ve learned little about Peter so far, but some days later, when sitting down with his mother to dinner, we learn plenty — the pain, the anguish, the accusations, the things not said after years of being bottled up inside, to fester and seethe. Aster writes plainspoken dialogue — or that’s how it sounded to me — but Collette and Wolff deliver with such semiautomatic ferocity if you don’t exactly know what was said you can tell from tone rate delivery exactly what they’re feeling. It’s ugly; it feels real. Byrne’s Steve referees from the sidelines but you feel his dismay at having the people he loves most rip at each other’s insides in front of him.
Odd detail: we aren’t sure what Steve does for a living. Turns out (thanks to an interview with the filmmaker) he’s a therapist — which makes sense, given the size of the house and their apparently large disposable income — but not something made clear at the outset; one draft of the script reportedly reveals Annie to be a former patient of Steve’s (which is how they met). Which would have added a nice extra dimension of complicity to Steve’s otherwise featureless martyrdom; the film mostly relies on Byrne’s lined leathered face to suggest his suffering.
Nice visual detail: Aster has Annie take up miniatures as a hobby or artistic occupation, and shoots Annie’s dollhouse creations in a lovingly obsessed manner that suggests Annie’s detail-oriented drive, or Charlie’s affinity for dead birds and chocolate. He’s less successful in suggesting the house itself as a kind of doll house (thought Frank Borzage did a better job in Seventh Heaven, George Stevens in The Diary of Anne Frank, Tim Burton in Beetlejuice) but his miniatures are appallingly spooky little triumphs, mirroring and magnifying the grotesque nature of the house and its inhabitants.
And then, and then — in the last half hour it all falls apart (Skip the rest of this paragraph if you haven’t seen the film!). Aster throws in a conspiracy of witches, a demonic possession, all kinds of unlikely special effects, tossing emotional realism out the window. Collette’s Annie, who feels so close to us for most of the story, clicks an internal switch and is suddenly a puppet under remote control (her subsequent death — floating in the air with a length of wire in both hands — seeming more ludicrous than lurid). Understated, unsettling Charlie is neatly explained away as a temporary vessel for a demon lord. Aster cites Rosemary’s Baby as an influence and a look at that vastly superior film tells you what may have gone wrong: part of the suspense is in wondering if Rosemary Woodhouse is imagining things or if there really is a conspiracy around her baby; Polanski not only manages to maintain the ambiguity but suggests either alternative is equally horrifying — and even when the cards finally fall in one direction Rosemary’s situation still feels like it could happen to any of us. Lots of crazy folks in New York, the film seems to tell us, and it’s difficult to disagree.
Meanwhile, there’s this: three quarters terrific, one fourth horrible and not in a good way. There’s enough here that one has formed expectations of Aster: hopefully he comes up with something as good for his next feature, and more consistent in execution.
MTRCB Rating: R-13

Paul McCartney sees music as travelogue on new album

BRITISH MUSICIAN Paul McCartney poses with his medal after an investiture ceremony at Buckingham Palace in London where was made a Companion of Honor on May 4. — AFP

NEW YORK — Paul McCartney on Wednesday announced his first album in five years, Egypt Station, which he described as a kind of musical travelogue with each song exploring a new area.
The Beatles legend said that Egypt Station would come out on Sept. 7 and released two initial tracks, a peppy pop song called “Come on to Me” and the ballad “I Don’t Know.”
The album appears to have little explicit connection to Egypt, with McCartney saying that he took a liking to the turn of phrase “Egypt Station,” the title of one of the rocker turned artist’s paintings.
“It reminded me of the ‘album’ albums we used to make,” McCartney said in a statement.
Egypt Station starts off at the station on the first song and then each song is like a different station. So it gave us some idea to base all the songs around that,” he said.
“I think of it as a dream location that the music emanates from.”
McCartney recorded the album in Los Angeles and Britain with Greg Kurstin, the in-demand US producer best known for co-writing Adele’s mega-hit “Hello.”
The statement said that the album was designed with a “travelogue vibe,” starting and ending with instrumental tracks surrounding songs that form a “kaleidoscopic journey through myriad musical locales and eras.”
The album is his first since 2013’s New, on which Macca rocked out with a range of younger producers and fresh sounds.
The first two tracks of Egypt Station, by contrast, mark a return to a more classic McCartney.
“Come on to Me” tells a tale of playful flirtation — “Before you grab coat, I’ll try to be discrete,” McCartney promises — with a mid-tempo rock guitar chorus before touches of organs, strings and a closing sitar.
“I Don’t Know” is driven by piano over a steady pop rhythm section as McCartney questions himself and whether he can comfort a lover.
McCartney is one of two living members of the Fab Four and last year appeared on the latest solo album of the other one, Ringo Starr.
McCartney, who turned 76 on Monday, has shown a burst of energy in recent years that included an extensive global tour throughout 2016 and 2017.
But he told Rolling Stone magazine two years ago that it would be “”unimaginable — and unseemly” to keep performing when he is 80. — AFP

Top Philippine fund manager says stock market rout not over

PSE BGC board
THE Philippine Stock Exchange has slumped since its January peak. — AFP

THE Philippine central bank needs to do more to help stocks recover from a slump that has pushed them into bear market territory and made them Asia’s worst performers this year, according to investors.
The Philippine Stock Exchange Index sank 2.3% on Thursday, leaving it down more than 20% from its January peak.
Fritz Ocampo, who manages about $19 billion as chief investment officer at BDO Unibank, Inc. in Makati, said the central bank’s second interest rate hike this year on Wednesday will fail to fuel a sustainable rebound in stocks because it’s not enough to fully arrest the peso’s slide, as inflation has yet to peak.
The Philippine peso has lost 6.7% this year, the biggest drop among Asian currencies.
“The market needs a clear announcement to calm nerves,” Mr. Ocampo said. “We may have not seen the bottom yet. Any rally could be short-lived because international investors are unwinding out of emerging markets.”
Over $43 billion in market value has vanished this year as the benchmark slid more than 16%, the world’s worst performer after Turkey. From its record close on Jan. 29, the Philippine Stock Exchange Index has slumped more than 21%, breaching the 7,246.90 level that marks a bear market. The gauge was 7, 134.41 at the noon break in Manila.
“Investors are still jittery,” said Manny Cruz, analyst at Asiasec Equities, Inc. in Manila. “The foreign sell-off remains relentless as the rate increase hasn’t provided a catalyst while prospects escalated that a trade war will erupt between the US and China.”
Today’s sell-off drove Philippine stock index valuations to 15.3 times projected 12-month earnings, its cheapest level since Jan. 26, 2016, and down from 19.9 on Jan. 23. The multiple is more than two standard deviations below its five-year average, a level that preceded rallies in 2013 and 2016.
If the index eventually rallies, its climb may be limited to about 7,600 as it mimics last month’s pattern, Mr. Ocampo said. The index rose over 300 points in two sessions after the May 10 hike and then dropped toward a 14-month low as inflation accelerated and the peso slumped to a 12-year low against the dollar.
Investors think another 25-basis point hike may be needed this year to keep inflation in check and stem the peso’s depreciation, Mr. Ocampo said. Wednesday’s rate increase may not be enough to keep up with the Federal Reserve, which has indicated that it may lift as many as four times this year, he added.
The latest central bank hike didn’t prevent the iShares MSCI Philippines ETF from falling 1.5% overnight in the US, its 10th straight day of declines and longest losing streak since June 2013.
Foreign fund withdrawals, which reached $1.14 billion so far this year, could climb to $2 billion by December unless the exodus slows, Mr. Ocampo said. He is overweight property companies because of strong residential sales and project launches. Retailers are also attractive as they can pass on the higher cost of goods.
All 30 components of the benchmark Philippine stock index fell in Manila today led by port operator International Container Terminal Services, Inc., which slumped as much as 5%, and builder Ayala Land, Inc., which declined more than 2%.
“Foreign funds outflow isn’t showing signs of letting up,” Mr. Ocampo said, adding that the index could test 7,000 in the near term as the sell-off may escalate before the benchmark recovers to 8,500 by yearend. “Cash is king for now.” — Bloomberg

DoLE to offer no objections to telecommuting bill

THE Department of Labor and Employment (DoLE) said it has no objections to the work-from-home bill that recently made it past second reading in Congress.
“Basically we have no objections. It’s going to be helpful for workers,” said Labor Secretary Silvestre H. Bello III.
House Bill 7402, or the Telecommuting Act, passed on second reading at last month. Its counterpart measure, Senate Bill 1636 or the Telecommuting Act of 2017 made it through that chamber and will be reconciled by both houses once the 17th Congress resumes on July 23.
He added that this type of work arrangement should be studied further. “We still need to study if it has a good effects on efficiency and productivity,” Mr. Bello said, noting that one possible conern is workers who are away from their supervisors.”
Bureau of Local Employment (BLE) Director Dominique R. Tutay said that the BLE “Welcomes and recognizes flexible work arrangements,” which he said, are being practiced globally.
She said there is a need for concrete rules and policies which also need further study. “We need to have a baseline. If we don’t have a baseline, we don’t have any basis for our actions when we establish policies for the workers and the employers,” she said.
Associated Labor Unions (ALU) said the law may be used to limit the right of workers to organize.
“While the flexible work scheme may save urban workers from an average two to four hours daily agony and disease-causing stress caused by commuting through traffic jams and poor mass transport system, cut fuel, transport and parking expenses and improve work-life balance, the arrangement may also deprive workers of their right to organize themselves as a union and to collective bargain for better wages and benefits,” said Mr. Gerard R. Seno, executive vice-president of ALU.
ALU spokesperson Alan A. Tanjusay said that the setup is not applicable to all industries, saying “Workers in IT, business process management, business process outsourcing, animation, journalists, writers, transcribers, social media management, data entry, customer service, project managers, and web designers and developers” can benefit from the work-from-home scheme. — Gillian M. Cortez

Singapore pledges to cut cash, go digital

SINGAPORE is accelerating the shift toward digital payments by pledging to eliminate check usage by 2025 and slash cash withdrawals from automated telling machines.
Both payment methods are declining in popularity, Education Minister Ong Ye Kung, who sits on the Monetary Authority of Singapore board, said in a speech on Wednesday night. To promote electronic fund transfers, the government-endorsed payments platform, called PayNow, will be extended to companies starting Aug. 13.
Singapore is embracing technology to enhance its status as a regional financial hub and compete with other major cities including Hong Kong and London. Competition at home is heating up as its largest bank DBS Group Holdings Ltd. vies with ride-hailing firm Grab Inc. for digital payments, while Chinese giants such as Ant Financial are looking to expand in Southeast Asia.
“Our aim is not to be a cashless society, but to use less cash and more e-payments,” Ong said. “When the level of convenience and confidence crosses a critical tipping point, adoption will rise across our population within a short time and become pervasive.”
Today, there are more than 1.4 million PayNow registrations, and almost S$900 million ($662 million) has been transferred through the service since its launch last year, Ong said.
The expansion of the service will allow corporate clients of seven banks to transfer funds via PayNow in Singapore. They are DBS, Oversea-Chinese Banking Corp., United Overseas Bank Ltd., Standard Chartered Plc, HSBC Holdings Plc, Malayan Banking Bhd. and Citigroup Inc., according to the bank association.
Cash withdrawals at ATMs have been falling by more than S$300 million a year, Ong said. Checks have also been declining in popularity as people gravitate to electronic systems. The proportion of check transactions to electronic payments known as FAST and GIRO was about 28% in 2017, down from 37% in 2015, and may come down to 15% in 2020, Ong said.
“Sweden has done it. We can too,” Ong said, referring to becoming a check-free society.
Ong also said that while Singapore is encouraging competition among digital payment service providers to give consumers choices, it will also ensure the various platforms can operate using a standardized quick-read code system. The code, known as SG QR, is being implemented later this year.
“Our goal is to allow for a variety of payment solutions that are competing yet inter-operable and convenient, providing choice to consumers and encouraging innovation,” Ong said. “That is the key principle in our approach to e-payment.” — Bloomberg

At the bloody Hotel Artemis, amazing actors do the obvious

By Richard Roeper
Movie Review
Hotel Artemis
Written and Directed by Drew Pearce

And she said, ‘We are all just prisoners here, of our own device.”

— The Eagles, “Hotel California”

WELCOME to the Hotel Artemis.
Such a grubby place, such a bloody place.
The “hotel” in this near-future sci-fi thriller is actually a secret hospital/haven/hideout for criminals who must abide by a strict set of rules lest they be forever banned from this neutral-ground sanctuary — and if that sounds like a familiar setting, you must have seen the original John Wick (2014).
Not that first-time director and veteran screenwriter Drew Pearce (Iron Man 3, Mission: Impossible — Rogue Nation) doesn’t come up with some bold and visually arresting and dark and wickedly funny touches of his own.
Pearce also goes deep and disturbing with the pop culture references. I mean, this is a movie that showcases the haunting 1960s hit “California Dreamin’” by the Mamas & the Papas, and also crowns its villain “The Wolf King,” which was the title of the first solo album by Mamas & the Papas frontman John Phillips, one of the most despicable monsters imaginable if the allegations by his daughter Mackenzie are true.
Hotel Artemis is set in 2028 Los Angeles, on a day when riots are breaking out all over the city over access to clean drinking water.
The madness explodes just as career criminal Waikiki (Sterling K. Brown) and his crew are robbing an LA bank. (Apparently, these guys weren’t keeping up with the mood in the city via social media. They seem shocked when their ill-conceived bank robbery becomes ever more complicated due to power outages and, you know, cops in tanks already on the streets right outside the bank.)
After Waikiki’s reckless younger brother, Honolulu (Brian Tyree Henry), is seriously wounded in a shoot-out with the police, Waikiki takes Honolulu to the only place in the city where the proprietor will harbor fugitives, never give up clients to the cops AND perform rough but potentially life-saving surgery if necessary.
Jodie Foster (in her first major role in a motion picture in some five years) is Jean Thomas, aka The Nurse, who has been running the hotel for some 22 years and has not stepped outside even once during that time. (Suffice to say The Nurse is haunted by the past.) Dave Bautista (in a strong performance) is the hulking bodyguard/enforcer/orderly known as Everest, who will do anything to protect the sanctity of the Hotel Artemis.
“Guests” at the Hotel Artemis are assigned names based on room themes. This is why Waikiki is known as Waikiki, and Sofia Boutella’s international assassin is called “Nice,” and Charlie Day’s loudmouthed millionaire is “Acapulco.” (The subplot involving Day’s character is annoying and irrelevant and adds nothing to the mix.)
With the help of 3-D printers and laser surgical innovations (and copious amounts of painkillers), the Nurse performs surgery on the wounded guests, patching them up so they can get back out there and do their criminal thing.
Meanwhile, Waikiki and Nice flirt with their past history, while Zachary Quinto’s vile and spineless Crosby Franklin races to the Hotel Artemis with his wounded father, the crime boss known as The Wolf King (Jeff Goldblum), who runs the city.
Oh, and by then we’ve already met Jenny Slate’s Morgan, a wounded cop with a connection to The Nurse’s tragic past.
Foster and Goldblum are magnificent in their all-too-brief scenes together. (Although Goldblum has become such a cult favorite personality recently, he’s in danger of his persona overcoming his acting.) Boutella brings smoldering energy to her role as a nearly unstoppable assassin. Sterling K. Brown delivers strong work, even though he’s not playing the most well-defined of characters.
Positive points to the Hotel Artemis for trying to achieve something original, and for the quality of the cast.
But after that bloody boldness, the analogies and the life lessons and the moments of closure are all too predictable and familiar. — Chicago Sun-Times/Andrews McMeel Syndication
Rating: ★★
MTRCB Rating: R-16

Coalition to produce manuals for managing sexual harassment

SEVEN companies committed to promoting gender equality have tied up with a womens’ organization to put together manuals and tool kits that will help prevent sexual harassment in the workplace.
The Philippine Business Coalition for Women Empowerment (PBCWE) has joined forces with Samahan ng mga Pilipina para sa Reporma at Kaunlaran (SPARK!)in producing toolkits to help private sector companies prevent and manage cases of sexual harassment.
PBCWE is a coalition Accenture, Ayala group, Convergys, Magsaysay Group of Companies, Natasha, SGV and Co., and SSI Group. The initiative is organized in cooperation with the Philippine Women’s Economic Network (PhilWEN) and the Australian Department of Foreign Affairs and Trade Investing in Women Initiative.
“Sexual harassment in the workplace creates a negative impact on efforts to increase the number of women in the work force and women leaders in business,” PBCWE Co-Chair Ma. Aurora D. Geotina-Garcia said.
SPARK! President Imelda M. Nicolas said if women feel safer in their work environment, they could learn to maximize their abilities.
“When we create a safer workplace for women, one free of possible sexual harassment, we hope to witness the release of the full potential of women in their careers and at work,” she said.
The toolkits will be produced as guides for companies and workers on appropriate measures for handling sexual harassment issues in their work place. Modules of this project will be distributed among companies partnered with PBCWE. Other companies interested in the advocacy may also tap the project’s resources.
Ms. Geotina-Garcia, who also chairs PhilWEN, said, “We talk a lot about empowering women, but we should also take the practical steps to protect them in their place of work.” — Gillian M. Cortez

Xiaomi lowers target as it kicks off Hong Kong IPO

HONG KONG — Chinese smartphone maker Xiaomi kicked off its initial public offering Thursday but the firm is likely to pull in about $6.1 billion, far less than originally expected, with investors having mixed views about its main business.
Xiaomi had hoped to raise $10 billion with the Hong Kong IPO, making it the biggest since Alibaba’s $25-billion New York debut in 2014 and valuing the company at about $100 billion.
However, the firm is offering 2.18 billion shares at HK$17-HK$22 apiece, according to Bloomberg News, which values it at about $53.9-$69.8 billion.
Xiaomi had hoped to be the first company to list shares in Hong Kong at the same time as launching new Chinese Depository Receipts (CDRs) in Shanghai under new rules announced in April by mainland authorities to open up markets in the world’s number two economy.
But on Tuesday it put off its decision on listing the CDRs until it completes its IPO in Hong Kong. The China Securities Regulatory Commission said it has canceled a listing review originally scheduled for June 19.
This delay, as well as differing market views about Xiaomi’s business model, were also among reasons for the lower valuation.
CEO Lei Jun claimed it was an Internet services company making money via online games and advertisements despite 70% of its revenues coming from selling hardware, particularly smartphones.
The firm, which mainly sells cheap but high-quality smartphones in China, is looking to push into Europe — recently opening its first flagship store in Paris — as the home market reaches saturation point.
China Mobile Ltd. and US wireless-chip giant Qualcomm are among the cornerstone investors and it is expected to list on July 9.
Chinese authorities devised the CDR program, under which homegrown companies listed abroad can simultaneously list at home, after watching technology heavyweights Alibaba and Baidu list on Wall Street.
The objectives of the plan include helping to develop China’s still relatively immature and volatile share markets while allowing domestic investors to invest in the country’s big tech champions.
Alibaba and Hong Kong-listed Tencent have expressed an interest in the plan.
Xiaomi shipped 28 million smartphones worldwide from January to March, an 88% surge year on year.
That was fourth in the world after Samsung, Apple and China’s Huawei, according to figures from the International Data Corporation. — AFP

Janet Jackson says battles with depression

NEW YORK — Janet Jackson has revealed that she suffered an “intense” battle with depression, which she linked to a childhood inferiority complex and societal racism and sexism. In an essay in the latest issue of Essence, a magazine geared toward African American women, the 52-year-old pop superstar said that she has found joy after giving birth to her first child last year. But the singer — who became a superstar in her 20s with her blending of hip-hop into pop music and her elaborately choreographed live shows — said that her 30s were “difficult years.” “The struggle was intense. I could analyze the source of my depression forever,” she said, according to excerpts released Wednesday.“Low self-esteem might be rooted in childhood feelings of inferiority. It could relate to failing to meet impossibly high standards. And of course there are always the societal issues of racism and sexism,” she said.“Put it all together and depression is a tenacious and scary condition. Thankfully, I found my way through it.” Essence announced that Jackson would headline a festival affiliated with the magazine next month in New Orleans. She is also set to play later in July at Panorama, which is staged in New York by the promoters of Coachella, the major festival in California. — AFP

What to see this week

3 films to see on the week of June 22-29, 2018

Escobar: Loving PabloEscobar: Loving Pablo

THE FILM chronicles the life of drug lord Pablo Escobar through the eyes of Virginia Vallejo, Columbia’s most famous journalist and Escobar’s one-time lover. Directed by Fernando Leon de Aranoa, it stars Penelope Cruz, Javier Bardem, Peter Sarsgaard, Giselle Da Silva, David Valencia, and Lillian Blankenship. Hollywood Reporter’s Deborah Young writes, “The clever pairing of Javier Bardem and Penelope Cruz as the vividly larger-than-life couple should give this lavish-looking English-language co-production a shot at the international box office before shifting to smaller screens.”
MTRCB Rating: R-16

GottiGotti

IT SAYS A LOT when film review aggregate site gives a movie a 0% rating — about Gotti, the critics consensus says “Fuhgeddaboudit.” The film follows the rise of John Gotti (played by John Travolta) of the Gambino Crime Family in New York City. Told by his son John Jr. (Spencer Rocco Lofranco), the film spans 30 years of Gotti’s tumultuous family life which included tragedy and multiple prison sentences. Directed by Kevin Connolly, it also stars Kelly Preston and Stacy Keach. Peter Travers of the Rolling Stone writes: “Starring in this mobster biopic that deserves to get whacked is an offer Travolta should have refused. Insane testimonials from Gotti supporters at the end are as close as this shitshow will ever get to good reviews.”
MTRCB Rating: R-16

Cry No FearCry No Fear

THE SUSPENSE-THRILLER centers on Kaycee and Wendy, half-sisters who hate each other, who are trapped inside a house with intruders intending to kill them. Directed by Richard Somes, it stars Ella Cruz and Donnalyne Bartolome.
MTRCB Rating: R-16